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Crown Castle: Q2 Earnings Snapshot
By AP News - Jul 17, 2024, 04:20 PM ET
Last Updated - Jul 17, 2024, 04:20 PM EDT
HOUSTON (AP) — HOUSTON (AP) — Crown Castle International Corp. (CCI) on Wednesday reported a key measure of profitability in its second quarter. The results missed Wall Street expectations.
The Houston-based real estate investment trust said it had funds from operations of $704 million, or $1.62 per share, in the period.
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The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.65 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $251 million, or 58 cents per share.
The operator of wireless communications towers, based in Houston, posted revenue of $1.63 billion in the period, surpassing Street forecasts. Six analysts surveyed by Zacks expected $1.62 billion.
Crown Castle expects full-year funds from operations in the range of $6.91 to $7.02 per share.
The company's shares have decreased 8.5% since the beginning of the year, while the S&P's 500 index has climbed 17%. In the final minutes of trading on Wednesday, shares hit $105.40, a fall of 4% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CCI at https://www.zacks.com/ap/CCI
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